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Cardiff, Tuesday April 4, 2024, Chainwire
According to the official announcement from Binance Web3, Binance Web3 Wallet has officially launched a joint airdrop event with BTC Layer2 project BEVM. Users who complete three simple tasks on BEVM via Binance Web3 Wallet will receive an exclusive airdrop of the BEVM token. BEVM will provide 10,500,000 (0.5%) $BEVM for airdrop to Binance Wallet users who participate in this event. This is the first collaboration between Binance Web3 Wallet and Layer2.
BEVM is an EVM-compatible Bitcoin layer2 built on Taproot Consensus and using $BTC as gas, enabling a fully decentralized $BTC chain and enabling trustless adoption of $BTC into a wider range of applications. BEVM recently announced the closing of its $10 million funding round with investments from nearly 20 institutions, including Rocktree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, MH Venture and Mapleblock. BEVM officially launched its mainnet on March 28th and in just a week, the mainnet has accumulated over 600,000 user addresses.
What is BEVM?
BEVM is the first EVM-compatible Bitcoin L2 based on Taproot Consensus and uses $BTC as gas.
Based on Musig + Bitcoin SPVs, Taproot Consensus is the end result of the BEVM team's six-year exploration of Bitcoin Layer2 solutions.
BEVM has two narratives: The first is “BEVM stack” (#BTClayer2 as a service), which can help developers launch #BTClayer2 with one click. Second, BEVM will develop the DBFX (Decentralized Bitcoin Foreign Exchange) protocol to seamlessly bridge native $BTC to any Defi protocol on any chain. The ultimate goal of BEVM is to bring 10% of $BTC to the Layer2 network, expanding the application scenarios of $BTC to enable real circulation of $BTC.
The following are BEVM's key historical milestones:
2017: Founding of the BEVM team.
2018: Launched the BTC Layer 2 solution ChainX, taking custody of over $100,000 BTC and over $500,000 BTC hash locks.
June 2023: Formal BEVM Canary Network proposal.
November 29, 2023: Publication of the BEVM white paper.
March 2024: Announced securing $10 million in financing with a post-investment valuation of up to $200 million.
March 2024: Mainnet launch announcement.
BEVM financing details
On March 25, 2024, BEVM announced the completion of a $10 million financing round with a post-investment valuation of up to $200 million. Around 20 investors took part in the financing round, mostly from Europe and the USA.
Among these investors, RockTree Capital stands out as a leading and experienced crypto investment institution based in the United States. Founded by Omer Ozden, who also serves as an international partner at ZhenFund Global Ventures, RockTree Capital has significant influence in the financial circles of China and the United States. Omer Ozden previously served as legal counsel for Facebook (NASDAQ:) (now Meta) and was a member of the US Congress. RockTree Capital has a strong track record of investing in and launching numerous well-known crypto projects including Chainlink, Tron, dYdX, Fantom, and Casper, among others.
In addition to RockTree Capital, other well-known investors in the BEVM project include MH Ventures, which has invested in well-known projects such as Celestia, Sei Network and Linera; Mapleblock, known for its investments in Polyhedra, DAO maker, Kraken and Huobi; and Arkstream Capital, which has invested in projects such as AAVE, Flow, Manta and Particle.
Waterdrip Capital and Satoshi Labs also participated in the investment, as did Viabtc Capital, one of the top three global Bitcoin mining pools.
Technical advantages of BEVM
In the current market, BTC Layer 2 technology solutions can be broadly divided into five types: Bitcoin sidechains, UTXO + client verification, Taproot consensus, multi-signature + EVM and Roullp.
BEVM adopts the Taproot Consensus technology proposed and implemented by the BEVM team and serves as a typical use case for Taproot Consensus.
Taproot Consensus is a Layer 2 solution based on the three main native Bitcoin technologies. Since the Bitcoin Taproot upgrade in 2021, it has gradually matured. The essence of Taproot Consensus lies in the Schnorr signature + the MAST contract + the Bitcoin Light Node Network.
With Schnorr Signature, Bitcoin multi-signature custodians can be expanded to 1,000, achieving decentralization of custodians. MAST Contract implements code-based management of aggregated signatures, relying on code rather than manual signatures. The Bitcoin Light Node Network achieves decentralized Bitcoin cross-chain transactions and management through consensus governed by Bitcoin SPVs.
On March 28, 2024, BEVM's Taproot Consensus-based mainnet was officially launched, reaching over 600,000 user addresses within a week. It is currently one of the most widely implemented Bitcoin Layer2 solutions.
In summary, BEVM offers unparalleled advantages in terms of the native nature of Bitcoin technology, decentralization and level of implementation compared to other BTC L2 technology solutions on the market.
More details about the campaign between Binance Web3 Wallet and BEVM
On April 4, BEVM announced a joint airdrop campaign with Binance Wallet, offering airdrops for performing any of the three specified on-chain activities. BEVM has allocated 0.5% of its total token supply for this airdrop. It is also Binance Wallet's first airdrop event in collaboration with a Bitcoin Layer2.
To participate in the event, users must access the Binance Web3 Wallet and visit https://binance-campaign.bevm.io. The campaign includes three tasks: bridging $BTC to BEVM, creating a position on Satoshi Protocol, and daily check-ins on BEVM.
User Participation Tutorial:
Step 1: Access and set up Binance Web3 Wallet
First, make sure you have a Binance account. If not, you will need to create one.
Then download and install the Binance Web3 Wallet. This can be found on Binance’s official website.
Once the installation is complete, follow the instructions to set up your wallet.
Step 2: Attend the event
Access the event page using the Binance Web3 Wallet.
Complete the three tasks required for the event:
Bridge $BTC to BEVM: Follow the instructions on the page to bridge your $BTC from the main chain to the BEVM chain.
Create a position in Satoshi Protocol: Navigate to Satoshi Protocol and create a new position.
Daily Check-in: Visit the BEVM site daily to check-in.
More help and tutorials:
Users can watch this tutorial video to understand the detailed steps to participate.
Users can also read the post on the BEVM blog for more information about the 10,500,000 BEVM airdrop campaign.
About BEVM
BEVM introduces a groundbreaking EVM-compatible Bitcoin Layer 2 solution that uses BTC as gas for transactions. This fully decentralized platform bridges the gap between Bitcoin and ecosystems and enables DApps to operate seamlessly on Bitcoin Layer 2. It offers innovative cross-chain interaction, data integrity assurance, decentralized processing, and a robust consensus mechanism for improved scalability and security. BEVM aims to drive innovation in the Bitcoin ecosystem through EVM compatibility, a fully decentralized architecture, and an innovative incentive model. For more information, visit the website at bevm.io.
More information about BEVM: Official website | Twitter | discord | Blog | Github
ContactBEVM team[email protected]
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